Bay Area Projected to Lead U.S. for Multifamily Housing Income Growth in 2015

Multifamily property owners in major Bay Area regions can expect to see the largest gross effective income gains in the U.S. this year, thanks in part to a robust job market and limited supply, says a new report from Freddie Mac.hundreds

According to the company’s 2015 Multifamily Outlook, gross effective income for multifamily properties in the San Francisco metro area will increase by 4.9 percent this year, the largest projected gains of the top 70 metro areas in the country. The Oakland metro area ranks No. 2 on the list, with multifamily property income expected to grow by 4.2 percent. The San Jose metro area ties for fourth-highest projected multifamily property income gains in the country – 3.9 percent.

Rents in all three metro areas are expected to grow faster this year than their historical averages between 2000 and 2007, according to a chart accompanying the outlook. The Bay Area should also have fewer multifamily vacancies than the projected U.S. average of 4.8 percent. Freddie Mac forecasts 2015’s vacancy rate will be 3.0 percent inSan Francisco and 3.2 percent in Oakland and San Jose.

Freddie Mac identifies Oakland as one of the seven U.S. metro areas hit hardest during the recession and takes a closer look at the factors shaping the region’s multifamily housing market.

Oakland is one of three hardest-hit markets to regain all the jobs lost during the last economic crisis, according to Freddie Mac. Booming economic growth in San Francisco and San Jose will also help fuel demand and keep vacancy rates low.

“Much of the demand for housing in Oakland is coming from the thriving economies of neighboring San Francisco and San Jose,” Freddie Mac wrote. “As residents are being priced out of these Bay Area cities, people are moving to Oakland for more affordable housing. This will keep rent growth elevated and vacancies low, even as new supply comes online.”

Freddie Mac says that multifamily property owners in Oakland can expect rent-price growth to taper off in 2015 as more units reach the market, characterizing current construction activity in the region as “moderate.” The company also notes that San Jose had one of the highest levels of multifamily housing starts in the country in 2014.

Source: http://blog.pacunion.com/freddie-mac-2015-multifamily-outlook/

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JUST LISTED!! 117 Laurel Grove Avenue, Ross – Exclusively Offered at $6,995,000

A premiere, private estate, 117 Laurel Grove is in the middle of everywhere-San Francisco, Silicon Valley, Wine Country, trails, beaches and ski areas-yet occupies a world all its own.

 117 Laurel Grove_Exterior House Shot

South-facing on a green knoll with views of Mt. Tam and Mt. Baldy from almost every room, this unique house offers authentic, classical architectural character updated with contemporary styling and an ideal floor plan.

 Family Room_DDL

On the main level, the front door opens from a protected front porch into a foyer with the living room on the left and to the right, the dining room giving way to a formal butler’s pantry, kitchen and family room. A wide central staircase rises to a generous landing opening onto a master bedroom suite and three other gracefully proportioned bedrooms and baths.

 Kitchen 2_DDL

A sunny third story houses a fifth bedroom and bath, a playroom (or possible sixth bedroom, in-law suite or office), four walk-in closets, and generous additional storage space.

 Porch_DDL

The 1300-square-foot ground floor includes a wine cellar, a library with floor-to-ceiling glassed in bookcases, and a second large-windowed room with impeccably finished built-in shelves and cupboards. This level features three outside entrances and ample adjacent parking with easy access to a separate garage, carport, and gym. Either room could accommodate several workstations or be set up, as now, as a commodious personal library/office and separate entertainment area. Additional storage space, a separate bath, and sound-proofing from the rest of the house afford maximum flexibility for use of this space: home office, teenager retreat, playroom or schoolroom, hobby area and more.

Living Room_DDL

The grounds are stunning, with stone paths, roses, oaks and redwoods and other mature plantings surrounding a 15’x 50′ lap pool set in a level lawn. An orchard, a tree house, a rope swing, and a guest cottage are destinations off the footpaths that wind through gardens planted with boxwood topiaries and parterres as well as lush native species. A private well is used for irrigation.

 Dining Room 2_DDL

This superb, approximately 7,100 square foot home occupies a private, tree-screened world on nearly 1.5 acres, offering a resort-like setting with easy access to…everywhere.

For additional photos and information, please visit: www.117LaurelGroveAvenue.com

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Mortgage Rates Move Up From 21-Month Lows

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Erasing a one week dip to a 21-month low, the average rate for a conforming 30-year mortgage increased from 3.59 percent to 3.69 percent but remains 59 basis points below the 4.28 percent average rate at the same time last year.

Averaging 6.7 percent over the past twenty years, the 30-year rate hit all-time low of 3.31 percent in November 2012 and a three-year high of 4.58 percent in August 2013.

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Pacific Union Honored for Unique China Concierge Program

Pacific Union is thrilled to announce that we’ve been honored as “Best San Francisco Bay Area Luxury Real Estate Agency” by Hurun Report, a respected and influential publication that targets high-net-worth individuals in China.

At a Jan. 29 ceremony at the Pudong Ritz Carlton in Shanghai, Pacific Union Vice President of Marketing Jessica Frushtick personally accepted the award from Hurun Report Chairman and Chief Researcher Rupert Hoogewerf. Also in attendance at the gala were Elizabeth Harrington, North American publisher of Hurun Report, and Pacific Union’s dedicated China Concierge Cathy Li.

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Based on the results of Hurun Report’s Chinese Luxury Survey 2015, our firm earned the honor for our China Concierge program, a white-glove initiative that helps homebuyers from China purchase properties throughout Northern California. Through two Mandarin-speaking staff members based in Beijing and Shanghai, Chinese buyers can connect with a Pacific Union real estate professional to identify luxury properties, get advice on financing, learn more about local schools, and obtain immigration assistance.

Pacific Union officially launched its China Concierge program in early 2014, after company CEO Mark A. McLaughlin became inspired by a presentation about the growing impact of Chinese investors on the U.S. real estate market.

McLaughlin – one of just 10 U.S. corporate executives invited to attend an exclusive meeting by former U.S. Ambassador to China Gary Locke in December 2013 – expressed his deep appreciation for the Hurun Report honor and stressed Pacific Union’s commitment to offering Chinese homebuyers the highest level of service.

“I am both humbled and truly grateful for this prestigious honor and our acceptance as a brand by our valued clients in China,” McLaughlin said. “Pacific Union’s entire team of real estate and marketing professionals is dedicated to providing these clients with extraordinary service as they seek to purchase a home in the beautiful San Francisco Bay Area region.”

In May of last year, Pacific Union launched both Mandarin and English websites hosted on Chinese servers to better allow clients in the country to access property listings and information. We also offer a Mandarin-language version of our exclusive San Francisco Bay Area Real Estate Outlook 2017, which we unveiled in a live presentation last November.

Over the past year, Pacific Union’s China Concierge program has attracted the attention of prominent media outlets, including San Francisco Business Times, San Francisco Chronicle, San Jose Mercury News, and Bay Area TV station KPIX. Most recently, the initiative was mentioned by radio show The Takeaway, which dedicated an episode to foreign investment in the San Francisco and New York City real estate markets.

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Way To Go Redwood High School!!!

Redwood High School was just named one of the top high schools in the country and has an “A+” rating! Excellent!

 

Redwood High School

Read more at: https://k12.niche.com/redwood-high-school-larkspur-ca/

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JUST LISTED!! 14 Cypress Avenue, Kentfield – Exclusively Offered at $2,495,000

I’m so excited about my new listing in Kentfield! 14 Cypress Avenue is a must-see property! Exclusively listed at $2,495,000 with 5 bedrooms & 3 bathrooms, 2699 sqft (per architectural drawings) and on 0.2984 acre lot (per tax records). This home offers sweeping SW facing views of Mt. Tam, level lawn, great indoor-outdoor connection, and all day sun! Come join me for the Broker’s Open on Thursday, January 29th from 11am-2pm or the Open House on Sunday, February 1st from 1-3pm. For more photos and details visit: www.14CypressAvenue.com

0. Liv Room DSC_3734 1. Kitchen DSC_3707 2. Dining Room DSC_3717 2. Terrace Mt Tam View SC_3908 3. Master DSC_3777 4. Kitchen DSC_3702 5. Bathroom DSC_3752 6. Master 2 DSC_3783-2 Balcony Tam View DSC_3918 Lawn DSC_3963 Private Driveway DSC_3957Back Terrace DSC_3954

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Pacific Union Quarterly Report: Q4 2014

Pacific Union’s newly released fourth-quarter 2014 report is packed with sales data and regional summaries that offer a complete look at real estate activity in the Bay Area and the Lake Tahoe/Truckee region.

For this report, we have teamed with noted consulting firm John Burns Real Estate Consulting to deliver nine housing and economic outlooks that offer a lens into the future of Bay Area real estate through 2017.

Our Q4 Report also includes a comprehensive chart tracking 10 years of home sales throughout the Bay Area and the Lake Tahoe/Truckee region — 76 cities, towns, and neighborhoods in nine regions. A smaller version of that chart, showing regional totals, appears below. Click anywhere on the chart to see the full data set.

10_Year_Q414

CONTRA COSTA COUNTY

Real estate activity slowed in the fourth quarter in Pacific Union’s Contra Costa County region, held back by a shrinking pool of available homes. It’s a problem that has bedeviled the region for much of the past year, caused in part by would-be sellers who remain unsure of the market and where they will find their next homes. At the same time, buyers were more cautious in the fourth quarter, too. Except in the most sought-after communities such as Lafayette and Orinda, few buyers were willing to pay above the list price or engage in bidding wars.Contra_Costa_Q4

Home prices were up solidly compared with one year ago, although the pace of appreciation slowed significantly from what we saw one and two years ago — more evidence that the Bay Area’s real estate markets are gradually settling down after several years of frenzied recovery. Fewer high-end properties sold during the fourth quarter than in previous quarters, though that will likely change as spring approaches.

Looking Forward: We expect to see more homes coming on the market in the first and second quarters of 2015, spurred not just by the advent of springtime but also the likelihood that the current near-record-low mortgage rates will soon disappear.

Defining Contra Costa County: Our real estate markets in Contra Costa County include the cities of Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek. Sales data in the report charts includes single-family homes in these communities.


EAST BAY

Fourth-quarter home sales typically start to slow as the holiday season approaches, but another factor was also at work during the last quarter of 2014: an extreme shortage of available homes in Pacific Union’s East Bay region. The number of new listings fell precipitously after the first week of November and didn’t recover. But if sellers were in short supply, buyers were not, and those properties that were available were quickly sold.East_Bay_Q4

The East Bay remains a popular destination for buyers priced out of San Francisco, and the most in-demand neighborhoods were those that score high on walkability ratings and are close to BART stations. Homes selling for $500,000 to $1 million saw the most sales activity, and those that were priced accurately attracted multiple offers and sold above their list prices.

Looking Forward: With an exceptionally robust local economy and mortgage rates still hovering near record lows, we expect strong sales in 2015. Many sellers wait until springtime before putting their homes on the market, but we recommend that they start earlier — in January and February, when less competition will help their properties stand out. Talk with a real estate professional now if you plan to prepare your home for sale in the coming weeks.

Defining the East Bay: Our real estate markets in the East Bay region include Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705; Alameda; Albany; Berkeley; El Cerrito; Kensington; and Piedmont. Sales data in the report charts includes single-family homes in these communities.


MARIN COUNTY

A tight supply of available homes held back fourth-quarter sales in Pacific Union’s Marin County region. Buyers were plentiful, however, resulting in rising sales prices overall and multiple offers on all well-priced homes in attractive areas. Homes priced from $1 million to $2 million saw the biggest increase in sales. Continuing a recent trend, the quarter also saw a significant number of private, off-market sales.Marin_Q4

Like other Bay Area regions, homeowners in Marin County were slow to put their properties on the market even as sales prices continued to rise —perhaps worried about their prospects after the transaction when they, too, would become buyers in a tight market. Buyers, meanwhile, were more selective than in past quarters, refusing to settle for anything less than exactly what they wanted.

Looking Forward: We are optimistic that 2015 will be a strong year for Marin County home sales. The Bay Area’s vibrant economy will continue to encourage buyers, aided by near-record-low mortgage rates. And with no shortage of qualified buyers, would-be sellers should consider putting their homes on the market sooner rather than later. The supply of available homes will expand by the springtime, and properties on the market before then will enjoy less competition.

Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the report charts includes single-family homes in these communities.


NAPA COUNTY

Pacific Union’s Napa County region enjoyed robust sales throughout the fourth quarter. The supply of homes was tight — a common problem throughout the Bay Area — but buyers were eager to scoop up any fairly priced property and in all areas of the county, from the city of Napa in the south to high-end communities such as St. Helena farther north.Napa_Q4

Napa County is no longer the tight seller’s market of a year ago. Properties sat on the market longer in the fourth quarter, and buyers were able to negotiate deals that were unheard of in the first and second quarters. That said, attractive properties that were priced well still commanded multiple offers throughout the county.

Looking Forward: We expect to see increased inventory levels beginning in January and continuing through the spring and summer. Many sellers wait until flowers are blooming and their properties are looking their best before they put their homes on the market, but we encourage them to get a jump on the competition and put out a for-sale sign early in the year. Rents are high and mortgage rates are low, and many prospective homebuyers may find that they can pay less in monthly mortgage payments than they would in rent.

Defining Napa County: Our real estate markets in Napa County include the cities of American Canyon, Angwin, Calistoga, Napa, Oakville, Rutherford, St. Helena, and Yountville. Sales data in the report charts includes all single-family homes in Napa County.


SAN FRANCISCO

Real estate activity typically pulls back in San Francisco during the fourth quarter as buyers and sellers alike turn their attention to holiday planning, and such was the case as 2014 wound down. The seasonal slowdown helped keep the inventory of available homes exceptionally tight across all price points in the fourth quarter, and unit sales also decelerated. Coming after an exceptional year of strong sales and price appreciation that ranked among the highest in the nation, the slowdown was predictable — even beyond the expected holiday relaxation factor. Still, single-family homes and condominiums that were fairly priced sold quickly, with many receiving multiple offers.SF_Q4

Fourth-quarter sales activity was not as frenzied as in past quarters, but the positive economic fundamentals of the San Francisco market remain unmatched: one of the most desirable locations in the nation, an expanding job base, and economic growth that shows little sign of slowing down.

Looking Forward: The year 2015 should shape up to be another busy one for buyers and sellers. We expect to see inventory levels rise appreciably in the first quarter; sales prices will also continue to rise, although not likely at the pace seen in 2014. Mortgage rates hovered near record lows throughout 2014 but are likely to succumb to upward-force vectors in 2015 — an added incentive for buyers to close deals early in the year to lock in low rates.


SILICON VALLEY

October and November were exceptionally strong months for real estate activity in Pacific Union’sSilicon Valley region, but sales dropped off a ledge after the last week of November. December was as slow as the previous months were busy. Inventory remained flat throughout the quarter, while the average sales price continued rising. Many homes attracted multiple offers from buyers, but not at the levels seen in previous quarters. Overall, buyers started to regain some control on the market, holding back on bidding for overpriced homes.Silicon_Valley_Q4

With home prices in Palo Alto, Menlo Park, and nearby communities starting at $2 million and $3 million, we saw a migration of buyers — first-time buyers in particular — to more affordable areas such as Redwood City and San Carlos, where improving schools and more vibrant downtowns have helped increase their desirability.

Looking Forward: We expect business to pick up again in January, with rising inventory levels and renewed interest among both buyers and sellers thanks to the Bay Area’s strong economic growth. The likelihood of mortgage rates trending significantly higher later this year will be a strong impetus for buyers to close deals.

Defining Silicon Valley: Our real estate markets in the Silicon Valley region include the cities and towns of Atherton, Los Altos (excluding county area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside. Sales data in the report charts includes all single-family homes in these communities.

Defining the Mid-Peninsula: Our real estate markets in the Mid-Peninsula subregion include the cities of Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area). Sales data in the report charts includes all single-family homes in these communities.


SONOMA COUNTY

The last quarter of 2014 bore remarkable similarities to the first quarter in Sonoma County, with a constrained supply of available homes and a ready pool of would-be buyers. Many sellers continued to receive multiple offers on well-priced properties, although bidding activity was not as frenetic as it was at the start of the year, and price appreciation has slowed considerably from the double-digit percentage increases that had become commonplace.Sonoma_County_Q4

Even with the limited supply, buyers in the fourth quarter no longer bid as franticly on overpriced properties or those with problems as they might have as recently as six months ago. This change in attitude caught some sellers by surprise, but it reflects the growing normalization of the market as buyers began to show some signs of price resistance, especially at the higher end of the market.

The fourth quarter saw fewer sales of homes priced below $500,000, reflecting the virtual disappearance of distressed properties such as short sales and foreclosures on the market.

Looking Forward: Sonoma County may see fewer sales overall in the first quarter, but dollar volume will continue rising as buyers choose from more high-end homes on the market. Springtime is always a busy season for real estate, and 2015 will be no different.

Defining Sonoma County: Our real estate markets in Sonoma County include the cities of Cotati, Healdsburg, Penngrove, Petaluma, Rohnert Park, Santa Rosa, Sebastopol, and Windsor. Sales data in the report charts includes all single-family homes and farms and ranches in Sonoma County.


SONOMA VALLEY

Pacific Union’s Sonoma Valley region saw strong sales throughout the fourth quarter. There was no shortage of would-be buyers, and well-priced properties in good condition continued to attract multiple offers.Sonoma-Valley_Q4

In a change from past quarters, buyers started to gain an upper hand in negotiations with sellers, a sign of a normalizing real estate market. Once buyers completed due diligence, they weren’t shy about asking for concessions or repairs, and sellers found that they had to be more careful in pricing their homes — some with unrealistic expectations found themselves sitting on properties far longer than they would have even six months earlier.

Homes sold well across Sonoma Valley and at all price points, but especially those that were priced under $750,000. Inventory remained exceptionally tight.

Looking Forward: The year 2015 looks to be a busy one for buyers and sellers in the Sonoma Valley region. With a strong Bay Area economy and mortgage rates still hovering near record lows, the first quarter should be exceptionally active. We recommend that sellers not wait until the spring to put their properties on the market. Buyers are active year-round, and those properties on the market in January, February, and March face less competition and will stand out.

Defining Sonoma Valley: Our real estate markets in Sonoma Valley include the cities of Glen Ellen, Kenwood, and Sonoma. Sales data in the report charts refers to all residential properties – including single-family homes, condominiums, and farms and ranches – in these communities.


LAKE TAHOE/TRUCKEE

The fourth quarter is traditionally a busy time in Pacific Union’s Lake Tahoe/Truckee region, as out-of-town buyers — many from the Bay Area — shop for vacation homes in time for the coming ski season. This year was no different, helped by several high-end sales at the end of the year. Sales were particularly brisk in Martis Camp and the Village at Squaw Valley, as well as for homes priced above $1 million across the region.Lake Tahoe Scenic Winter Frame

Unlike in the Bay Area, the Lake Tahoe/Truckeeregion had an ample supply of homes at various price points in the fourth quarter, giving buyers an opportunity to find exactly what they were looking for. Attractive homes that were fairly priced were subject to multiple offers, but properties with unrealistically high prices typically sat on the market for months on end without a single bid.

Looking Forward: First-quarter home sales in the Lake Tahoe/Truckee area are influenced by the weather; all it takes is a good snowstorm or two for Bay Area residents to pack their skis and head for the Sierras. If the weather cooperates, we look forward to a busy winter and spring. And as the snow recedes, we expect to see a healthy supply of new listings hit the market.

Defining Lake Tahoe/Truckee: Our real estate markets in the Lake Tahoe/Truckee region include the communities of Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe. Sales data in the report charts includes single-family homes and condominiums in these communities.

Source: http://blog.pacunion.com/pacific-union-quarterly-report-q4-2014/

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San Francisco’s most expensive home sales in 2014

At $23.5 million, 2520 Pacific Ave. was the most expensive home sale of 2014. According to the Wall Street Journal, University of Phoenix founder John Murphy decided to list the 13,000-square-foot home (complete with a Prohibition-era secret bar) for $27 million back in November 2013. It sold March 31, 2014, one of only a handful of homes in the city to have sold for over $20 million in the last few years.

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The University of Phoenix also figured into the second-highest sale of 2014. 3450 Washington St.—owned by John V. Sperling, son of another University of Phoenix founder—sold in February for $18 million. The Presidio Heights home was one of several in the neighborhood to score a top sale this year. In fact, in the 15 top transactions of this year, all but one took place in either Presidio Heights or neighboring Pacific Heights, despite reports that the northern neighborhoods are cooling off while southern neighborhoods like Noe Valley are heating up.

In fact, the only home outside of these northern enclaves to break the top-15 is 737 Buena Vista Heights, which sold for $10 million in October. Other unique sales include 2000 Washington St. Unit 3, which was the only co-op to make the list at $9.4 million, and 2735-2737 Baker St. which is the only 2-unit property to break the top 15 at $8.75 million.

2735-2737 Baker St. sold just before Thanksgiving, and of course, the year isn’t over yet, so another big-ticket home could sneak in a sale before the end of the year. (After all, the Willis Polk mansion at 2820 Pacific sold on December 27, 2007, and is one of the biggest S.F. sales in the last 10 years at $16 million.) It seems the high-high end of the market never rests, not even for the holidays.

Source: http://blog.sfgate.com/ontheblock/2014/12/16/the-most-expensive-home-sales-in-2014/#photo-566998

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2014’s Priciest Silicon Valley Home Sales Share Common Threads

Our local real estate markets have seen a significant uptick in sales activity at the highest end of the spectrum thus far in 2014. According to MLS data, there were 17 $10 million-plus single-family home sales in the communities of Atherton, Palo Alto, and Woodside between Jan. 1 and Nov. 30, a 70 percent increase from that same period in 2013.dollar1231

This year’s 10 most expensive home sales in the aforementioned communities that were listed on the MLS through Nov. 30 ranged from $27.4 million to $13.5 million — six in Atherton, and two each in Palo Alto and Woodside. The properties run the gamut in terms of size, from a 13,558-square-foot mansion in West Atherton to a relatively modest 5,240-square-foot home in the coveted Old Palo Alto neighborhood.

Although these 10 top-dollar homes are unique on their own, a few common threads weave through the transactions:

Springtime Sales

Seven of these homes sold in the second quarter, underscoring that real estate activity heats up in the spring and early summer when sellers are likely to encounter many buyers hoping to land a home before schools close for the summer. At that time of year, even the priciest properties can attract motivated, fast-acting buyers. For example, two Atherton homes that sold in late June – one for $14 million and one for $13.5 million – were gone in just four days.

The Appeal of New

Newer homes are increasingly popular in the Bay Area, particularly given the influx of buyers from Asia that tend to prefer more recently built properties. Six of this year’s 10 most expensive homes were constructed since the turn of the most recent century, including No. 1 and No. 2: $27.4 million in Atherton and $25 million in Woodside, respectively.

That’s not to say that a home with a little more history won’t appeal to buyers, especially in superheated markets like Palo Alto. The aforementioned Old Palo Alto home, built in 1925, sold for about 2 percent more than original price, the only one of the 10 priciest properties to command a premium.

Hefty Prices Per Square Foot

Paying top dollar per square foot holds especially true at the highest end of our real estate market. The average price per square foot paid for these 10 homes was $1,935, compared with $1,100 for all properties sold in the three communities from January through November.

A three-bedroom home in Woodside that sold in September offers a drastic example of what some affluent, motivated buyers are willing to pay: At just less than 6,000 square feet, the home sold for its $25 million list price, which translates to a staggering $4,170 per square foot.

Proper Pricing Key

Our local real estate markets have recently involved frenzied competition, in which multiple bidders drive the final sales price far beyond the original. In one July instance, a brand-new home in Downtown Palo Alto sold for more than double its original price.

Six of the 10 most expensive homes appear to have been accurately priced, with half of them selling for their exact asking prices, and one fetching a modest premium. The other four homes may not have been priced correctly, allowing buyers a bit of wiggle room to write lower offers.

One such home in West Atherton, initially priced at $16.9 million, sat on the market for almost a year before selling for $15 million, 88.5 percent of its original price. This highlights the fact a property must be priced accurately in order to sell quickly, even in markets where willing buyers far outnumber the inventory of available homes.

10PriciestSVSales2014

Source: http://blog.pacunion.com/2014s-priciest-silicon-valley-home-sales/

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Pacific Union’s November 2014 Real Estate Update

The upcoming holidays didn’t appear to distract Northern California home shoppers in November, as the months’ supply of inventory (MSI) declined or held steady from October in almost every one of Pacific Union’s regions. In fact, the MSI reached or tied yearly lows in the East Bay, San Francisco, Silicon Valley, Sonoma County, and Sonoma Valley, as well as in the Tahoe/Truckee region.

Wine Country real estate remained a hot commodity, with the November median sales price climbing to an annual high in Napa County and Sonoma Valley. Single-family home prices in the Tahoe/Truckee region also hit one-year highs, as buyers clamored to purchase a property before the ski season kicks off.

Click on the image accompanying each of our regions below for an expanded look at local real estate activity in November.

CONTRA COSTA COUNTY

The median sales price for a single-family home in our Contra Costa County region was up slightly from the previous month and closed November at just above $1 million. Buyers paid an average of 99 percent of original prices, also a tiny increase from October.PowerPoint Presentation

At 1.5, the MSI was identical to levels observed since the early summer, with the exception of a brief uptick in September. Contra Costa homebuyers took an average of 31 days to purchase a home, the longest amount of time since the beginning of 2014.

Defining Contra Costa County: Our real estate markets in Contra Costa County include the cities of Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek. Sales data in the adjoining chart includes single-family homes in these communities.


EAST BAY

Most individual Bay Area housing markets remain heavily tilted in favor of sellers, but the East Bay is arguably the most skewed. In November, the MSI dipped to 0.7 – a yearly low – and sellers took home an average of 12 percent over asking price, the highest premium in any of Pacific Union’s Northern California regions.PowerPoint Presentation

The median sales did relax a smidgen from the previous month, dipping to $826,000. Buyers took an average of 20 days to close a sale, consistent with general patterns observed since April.

Defining the East Bay: Our real estate markets in the East Bay region include Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705; Alameda; Albany; Berkeley; El Cerrito; Kensington; and Piedmont. Sales data in the adjoining chart includes single-family homes in these communities.


MARIN COUNTY

After dipping into the six-figure range in October, the median sales price in Marin County climbed back above $1 million in November. The MSI went in the opposite direction, falling to 1.6, though the month-over-month change was not dramatic.PowerPoint Presentation

Homes took an average of 59 days to sell, very close to numbers recorded one year earlier. Sellers received an average of 96 percent of asking price, a bit less than in the preceding few months.

Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the adjoining chart includes single-family homes in these communities.


NAPA COUNTY

Home prices in Napa County have risen in odd-numbered months and fallen in even-numbered months all year, and this trend continued in November, with the median sales price increasing to $610,000, a yearly high. At 3.7, the MSI was unchanged from the previous month.PowerPoint Presentation

Napa homebuyers took an average of 81 days to finalize a sale – about a week quicker than in October – and paid an average of 95.1 percent of original price, the most since the early summer.

Defining Napa County: Our real estate markets in Napa County include the cities of American Canyon, Angwin, Calistoga, Napa, Oakville, Rutherford, St. Helena, and Yountville. Sales data in the adjoining chart includes all single-family homes in Napa County.


SAN FRANCISCO – SINGLE-FAMILY HOMESPowerPoint Presentation

November single-family home sales data in San Francisco was fairly similar to October: the MSI held steady at a low 1.1, and the average home took just about a month to leave the market.

The median sales price in the city was above $1 million for the eighth month this year and closed November at $1.16 million. Continuing a pattern that has persisted throughout 2014, the average successful buyer could expect to pay a premium for a single-family home in San Francisco, this time by about 7 percent.


SAN FRANCISCO – CONDOMINIUMSPowerPoint Presentation

For the third time this year, the median sales price for a San Francisco condominium in November was north of the $1 million mark: $1.03 million to be precise. Condominium shoppers in the city also shelled out 6 percent more than original price, nearly identical to numbers recorded in October.

Unlike in most other part of the Bay Area, San Francisco condominium inventory grew month over month, with the MSI inching up to 1.6. Properties sold in an average of 37 days, almost exactly the same amount of time as in October.


SILICON VALLEY

Pacific Union’s Silicon Valley region remains our region’s most expensive place to purchase a home, with the median sales price at exactly $2.5 million in November. Silicon Valley homebuyers have been paying more than asking price all year, and sellers received average premiums of 3.5 percent last month.PowerPoint Presentation

Buyers scooped up properties in an average of 28 days, a few days longer than in October. At 1.1, the MSI was unchanged from the previous month and remains at a one-year low.

Defining Silicon Valley: Our real estate markets in the Silicon Valley region include the cities and towns of Atherton, Los Altos (excluding county area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside. Sales data in the adjoining chart includes all single-family homes in these communities.

Mid-Peninsula Subregion

At $1.36 million, November’s median sales price in our Mid-Peninsula subregion stayed in the same general range as it has been since the midsummer. The MSI inched up to 1.0 in November but was still very close to its 2014 low.PowerPoint Presentation

Homes left the market in an average of 25 days, nearly identical to levels recorded one year ago. Buyers paid just about 1 percent more than asking price on average, just as they did in October.

Defining the Mid-Peninsula: Our real estate markets in the Mid-Peninsula subregion include the cities of Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area). Sales data in the adjoining chart includes all single-family homes in these communities.


SONOMA COUNTY

The median property sales price in Sonoma County has been gradually relaxing for the past couple of months and drifted down to $480,500 in November. Buyers continue to enjoy slight discounts and paid an average of 95.4 percent of original price.PowerPoint Presentation

For the first time in more than a year, the MSI in Sonoma County dipped below 2.0, finishing November at 1.8. Properties sold in an average of 73 days, giving buyers a few extra days than they had in September and October.

Defining Sonoma County: Our real estate markets in Sonoma County include the cities of Cotati, Healdsburg, Penngrove, Petaluma, Rohnert Park, Santa Rosa, Sebastopol, and Windsor. Sales data in the adjoining chart includes all single-family homes and farms and ranches in Sonoma County.


SONOMA VALLEY

Pacific Union’s Sonoma Valley region saw the median sales price soar to $750,000 in November, a robust year-over-year increase of 50 percent. The MSI in the region has been declining since August and reached a one-year low of 1.8.PowerPoint Presentation

Homebuyers still managed to avoid paying full price, with the average property fetching 93.5 percent of original price. Homes stayed on the market for an average of 77 days, shorter than either of the preceding two months.

Defining Sonoma Valley: Our real estate markets in Sonoma Valley include the cities of Glen Ellen, Kenwood, and Sonoma. Sales data in the adjoining chart refers to all residential properties – including single-family homes, condominiums, and farms and ranches – in these communities.


TAHOE/TRUCKEE – SINGLE-FAMILY HOMES

The median sales price for a single-family home in the Tahoe/Truckee region saw big year-over-year growth in November, rising to $740,000, an annual gain of 32 percent. Inventory the region has been steadily dropping since the summer in anticipation of the ski season, and November’s MSI of 4.5 represents a yearly low.PowerPoint Presentation

Still, buyers were in no rush to close a purchase, with the average single-family home in the region taking more than four months to sell. On average, buyers paid about 90 percent of original price, less than they have at any point since the spring.

Defining Tahoe/Truckee: Our real estate markets in Tahoe/Truckee include the communities of Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe. Sales data in the adjoining chart includes single-family homes in these communities.


TAHOE/TRUCKEE – CONDOMINIUMS

There are still plenty of available condominiums in the Tahoe/Truckee region, with the MSI unchanged from October at 6.1. November’s $385,000 median sales price was down about $30,000 from the previous month.PowerPoint Presentation

Buyers paid an average of 87 percent of asking prices, the biggest discounts we’ve observed in the past year. Condominiums in the region left the market in 106 days, the quickest pace of sales since the late summer.

Defining Tahoe/Truckee: Our real estate markets in Tahoe/Truckee include the communities of Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe. Sales data in the adjoining chart includes condominiums in these communities.

Source: http://blog.pacunion.com/pacific-union-november-2014-real-estate-update/

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